Do I Have Bad Credit in Shakopee, MN?
When you apply for any type of loan, lenders in Minnesota look at your credit score to figure out how likely you are to repay it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Shakopee, MN lender has its own benchmarks for what it deems a poor credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Shakopee, MN with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, it's going to be harder to finance a car with bad credit in Shakopee, MN. For starters, not every lender offers poor or no credit loans, so it may take some extra time to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Minnesota, you may discover your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Shakopee loan before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to think about improving your credit score before you start applying for auto loans in Shakopee, Minnesota. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Poor Credit Car Loans in Shakopee, MN
A low credit score can raise the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Shakopee, MN. At myAutoloan, we want to help you find the best loan — despite your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and head to your local Shakopee dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Shakopee, MN through myAutoloan!